Tuesday, April 30, 2013

Dire Financial Condition of the Federal Government

"The debt ceiling was never much of a limit because it has been raised dozens of times over the years, but it did serve one purpose. It highlighted the lack of political will to get spending under control. Importantly, the dire financial condition of the federal government became apparent each time the ceiling was hit. The last time it was reached, the US lost its Triple-A credit rating."